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How long after default will it take for property to go to a foreclose?
Wiki User
∙ 15y ago
Timeframes are dependent on state laws. Lenders can begin foreclosure proceedings as soon as one month with a missed payment. They often don't send it to legal process until three months have passed. As soon as you get behind on payments contact your lender to see if you can work a modification to the mortgage which is affordable
Wiki User
∙ 15y ago
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What if you default on a home equity line of credit?
A home equity line of credit is a mortgage. If you default the lender will foreclose and take possession of the property by the foreclosure procedure used in your state.
What happens if you can't pay your second mortgage?
The lender can foreclose and take possession of your property subject to the first mortgage.The lender can foreclose and take possession of your property subject to the first mortgage.The lender can foreclose and take possession of your property subject to the first mortgage.The lender can foreclose and take possession of your property subject to the first mortgage.
How long does it take the bank to foreclose a property when owner dies in California?
2yers later
What happens if you default only on your home equity line but not your first mortgage?
The second mortgagee can foreclose and take possession of your property subject to the first mortgage.
Can your husband get a loan on jointly owned property without the the wife's signture?
Some lenders will grant such a loan in some states. However, a prudent lender won't allow it. The lender cannot foreclose on the property and take possession in the case of a default if all the owners didn't sign the mortgage.Some lenders will grant such a loan in some states. However, a prudent lender won't allow it. The lender cannot foreclose on the property and take possession in the case of a default if all the owners didn't sign the mortgage.Some lenders will grant such a loan in some states. However, a prudent lender won't allow it. The lender cannot foreclose on the property and take possession in the case of a default if all the owners didn't sign the mortgage.Some lenders will grant such a loan in some states. However, a prudent lender won't allow it. The lender cannot foreclose on the property and take possession in the case of a default if all the owners didn't sign the mortgage.
What happens if someone pays their second mortgage but not their first?
The senior mortgagee (the first) will foreclose and take possession of the property subject to the second mortgage.The senior mortgagee (the first) will foreclose and take possession of the property subject to the second mortgage.The senior mortgagee (the first) will foreclose and take possession of the property subject to the second mortgage.The senior mortgagee (the first) will foreclose and take possession of the property subject to the second mortgage.
What rights does the second mortgage holder have if the first mortgage payments are up to date?
If the second mortgage is in default the second mortgagee can foreclose and take possession of the property subject to the first mortgage.
If a mortgagor who is not on the title or deed is in default can the bank foreclose on the property?
If the mortgagor owned the property when they granted a mortgage to the bank then the bank has an interest even if the mortgagor conveyed their interest by a quitclaim deed. In that case the grantee would take title subject to the mortgage. If the mortgage isn't paid the bank can take possession of the property.
Can a bank foreclose if you dont pay on a second mortgage?
Yes. The bank could foreclose and take possession of the property subject to the first mortgage.
If you do not pay your property tax and they foreclose do you have to pay for youe house?
No. Banks will pay the property tax before they foreclose to make sure the government does not place a lien on the house; thus, not allowing them to take ownership.
Can you foreclose on a promissory note?
A promissory note does not usually contain the power of foreclosure. In order to have the authority to foreclose (take possession of real property and sell it after a default) that right must be granted by the borrower. Mortgages and deeds of trust grant to the lender the power to foreclose.However, if your borrower defaults on a promissory note you can sue in civil court and obtain a judgment lien as long as you bring suit within the statute of limitations for your state.A promissory note does not usually contain the power of foreclosure. In order to have the authority to foreclose (take possession of real property and sell it after a default) that right must be granted by the borrower. Mortgages and deeds of trust grant to the lender the power to foreclose.However, if your borrower defaults on a promissory note you can sue in civil court and obtain a judgment lien as long as you bring suit within the statute of limitations for your state.A promissory note does not usually contain the power of foreclosure. In order to have the authority to foreclose (take possession of real property and sell it after a default) that right must be granted by the borrower. Mortgages and deeds of trust grant to the lender the power to foreclose.However, if your borrower defaults on a promissory note you can sue in civil court and obtain a judgment lien as long as you bring suit within the statute of limitations for your state.A promissory note does not usually contain the power of foreclosure. In order to have the authority to foreclose (take possession of real property and sell it after a default) that right must be granted by the borrower. Mortgages and deeds of trust grant to the lender the power to foreclose.However, if your borrower defaults on a promissory note you can sue in civil court and obtain a judgment lien as long as you bring suit within the statute of limitations for your state.
If you default on a mortgage but own other property can that lender take other properties from you?
Yes. The lender will foreclose on the mortgaged property. If you owe more than the property sells for at foreclosure the lender could sue you in civil court and obtain a judgment lien that it could record in the land records. In that case it would affect your other property.
